Stablecoin payment app Fin completes $17 million funding, led by Pantera Capital

According to Fortune, Fin, a global stablecoin payment application founded by former Citadel employees Ian Krotinsky and Aashiq Dheeraj, announced the completion of a $17 million funding round led by Pantera Capital, with participation from Sequoia and Samsung Next.

Fin aims to build a stablecoin-based cross-border payment solution, focusing on handling large transfers ranging from hundreds of thousands to millions of dollars. The application offers three main features: peer-to-peer transfers, bank account transfers, and cryptocurrency wallet transfers. Through stablecoin rails, Fin promises to provide lower fees and faster transfer speeds than traditional banks.

The application has not yet been officially launched and plans to conduct pilot collaborations with import and export trading companies next month. The company will achieve profitability through transaction fees and interest income from stablecoin wallets. CEO Krotinsky stated that Fin's main competitors are large commercial banks like JPMorgan and Barclays that offer international remittance services, with the goal of becoming one of the largest payment applications globally.